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Banco Di Napoli buys 4 East 54 Street.

Banco Di Napoli has purchased the century-old, Italianate mansion at 4 East 54th Street for its new U.S. headquarters.

According to Norman Livingston of James Felt Realty Investment Services, A Grubb & Ellis Company, who was part of the broker team representing Banco Di Napoli, the five-story building was purchased for $12.8 million from the government of Indonesia, represented Soon Rhee, Rhee & Associates.

The double-width town house retains the original interior architectural features including marble columns and floors, stained glass, elegant detailing and woodwork and a marble and brass grand staircase which winds gracefully through all the floors.

The bank is adding two additional floors to the building to provide a total of 26,000 square-feet of space. The renovation and restoration of the building is being overseen by Eugene Cannata, president of Americon, Inc., a New York construction management firm.

Banco Di Napoli currently occupies 16,000 square-feet at 277 Park Avenue. It expects to move into its new headquarters early in 1994.

Banco Di Napoli began the search for a new U.S. corporate headquarters late in 1991 and worked closely with James. S. Meiskin, managing director and David L Spiewak, associated director of Win. A. White/Grubb & Ellis in reviewing various locations in major office buildings.

When consideration was given to purchase property, Livingston and Vincent Carrega, senior vice president of James Felt Realty Investment Services, the sales and investment arm of Grubb & Eli is, joined the search.

The search eventually focused on two town houses, including the 4 East 54th Street building. When negotiations on the other property stalled, all efforts were concentrated on the East 54th Street building. When negotiations on the other property stalled, all efforts were concentrated on the East 54th Street building. Six months of negotiations were needed to complete the transaction, according to Livingston.

The property, originally built as a residence by William H. Moore, founder of the United States Steel Corporation, the American Can Company and the National Biscuit Company and completed in 1900, was purchased from the Government of Indonesia.
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Title Annotation:New York, New York office building
Publication:Real Estate Weekly
Date:May 19, 1993
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